Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market vola tility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offe red by the Fund are different. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/lo cal taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or s hares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares m ay be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge : 5.75%.

Fund Facts
as of Feb 28, 2015

Class A Inception

03/28/1996

Performance Inception

03/29/1966

Investment Objective

Long-term, after-tax return

Total Net Assets3

$2.9B

Minimum Investment

$1000

Expense Ratio4

0.83%

CUSIP

277911830

Top 10 Holdings (%)5,6as of Feb 28, 2015

Apple Inc

Google Inc

Intel Corp

Walt Disney Co

NIKE Inc

United Technologies Corp

JPMorgan Chase & Co

Exxon Mobil Corp

Johnson & Johnson

Facebook Inc

Total

21.97

Portfolio Management

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legisl ation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete descrip tion.

1. These shares are not available for new investments.
2. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverag e, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Total Net Assets equals the sum of the net assets of all share classes of Tax-Managed Growth Fund 1.0, Tax-Managed Growth Fund 1.1 and Tax-Managed Growth Fund 1.2.
4. Source: Fund prospectus.
5. Percent of total net assets.
6. Top 10 Holdings excludes cash and equivalents.

Performance

Average Annual Returns (%)
as of Dec 31, 2014

1 Month

3 Months

YTD

1 Year

3 Years

5 Years

10 Years

02/28/2015

as of Feb 28, 2015

Fund at NAV

6.01

2.17

2.52

14.86

17.03

14.50

7.18

Fund w/Max Sales Charge

-0.10

-3.71

-3.37

8.26

14.74

13.15

6.55

Return After Taxes on Dist w/Max Sales Charge

—

—

—

7.99

14.47

12.92

6.34

Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge

—

—

—

4.89

11.57

10.55

5.29

S&P 500 Index2

5.75

2.31

2.57

15.51

18.00

16.18

7.99

Morningstar™ Large Blend Category7

5.67

2.19

2.52

12.74

16.41

14.57

7.28

12/31/2014

as of Dec 31, 2014

Fund at NAV

-0.34

4.20

12.33

12.33

19.44

13.98

6.90

Fund w/Max Sales Charge

-6.08

-1.79

5.86

5.86

17.11

12.64

6.27

Return After Taxes on Dist w/Max Sales Charge

—

—

—

5.60

16.84

12.41

6.06

Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge

—

—

—

3.53

13.50

10.13

5.06

S&P 500 Index2

-0.25

4.93

13.69

13.69

20.39

15.45

7.67

Morningstar™ Large Blend Category7

-0.32

4.19

10.96

10.96

19.00

13.88

7.02

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market vola tility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offe red by the Fund are different. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/lo cal taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or s hares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares m ay be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge : 5.75%.

Calendar Year Returns (%)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Fund at NAV

4.29

13.28

4.32

-33.04

22.79

12.43

0.42

15.05

31.92

12.33

S&P 500 Index2

4.91

15.79

5.49

-37.00

26.46

15.06

2.11

16.00

32.39

13.69

Fund Facts

Expense Ratio4

0.83%

Class A Inception

03/28/1996

Performance Inception

03/29/1966

Morningstar™ Ratings
as of Feb 28, 2015

Time Period

Rating

Rating (Load Waived)

Funds in Large BlendCategory

Overall

1336

3 Years

1336

5 Years

1187

10 Years

815

Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

Distribution History8

No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus

Capital Gain History8

Ex-Date

Short-Term

Long-Term

Reinvest NAV

No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years. Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; du e to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining th e percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legisl ation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete descrip tion.

2. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverag e, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
4. Source: Fund prospectus.
7. The Morningstar™ Large Blend Category includes funds that are fairly representative of the size, growth rates and price of the US stock market. They invest primarily in U.S. large-cap companies where neither strong growth or value characteristics predominate.
8. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legisl ation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete descrip tion.

2. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverag e, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
5. Percent of total net assets.
9. A delay in transaction settlement may result in a negative cash position.
10. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject t o change due to active management.

Insights & Analysis

Quarterly Commentary

No commentary information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legisl ation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete descrip tion.

Attribution

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other c onditions. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legisl ation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete descrip tion.

Management

Biography

Lewis R. Piantedosi

Vice President, Eaton Vance Management
Joined Eaton Vance 1999

Lewis Piantedosi is a vice president of Eaton Vance Management, portfolio manager and team leader of Eaton Vance’s growth team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equ ity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 1993.

Lew began his career in the investment management industry with Eaton Vance, where he worked for three years. He then served as partner, portfolio manager and equity analyst with Freedom Capital Management for another three years before rejoining Eaton V ance in 1999.

Lew earned a B.A. from Framingham State College and an MBA from Bentley University.

Other funds managed

Biography

Michael A. Allison, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Michael Allison is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global core team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of the firm’s global core equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2000.

Mike began his career in the investment management industry in 1988. Before joining Eaton Vance, Mike was an equity analyst for Schroder Investment Management North America Inc. He was also affiliated with Fleet Investment Advisors and Phoenix Home Life Mutual Fund Insurance Co.

Mike earned a B.S.B.A. from the University of Denver. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Experience

Other funds managed

Biography

Yana S. Barton, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Yana Barton is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s growth team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equity strategies. S he is a member of the firm’s Equity Strategy Committee. She began her career in the investment management industry with Eaton Vance in 1997.

Yana earned a B.S. from the University of Florida. She is a member of the Boston Security Analysts Society and is a CFA charterholder.

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Before investing in any Eaton Vance fund, prospective investors should consider carefully the fund's investment objective(s), risks, and charges and expenses. For open-end mutual funds, the fund's current prospectus contains this and other information about the fund. To obtain a mutual fund prospectus or summary prospectus and the most recent annual and semiannual shareholder reports, contact your financial advisor or download a copy here. Read the prospectus carefully before you invest or send money. For closed-end funds, you should contact your financial advisor. To obtain the most recent annual and semi-annual shareholder report for a closed-end fund contact your financial advisor or download a copy here. Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.

The information on this Web page is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase, securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

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